In an effort to increase sales, Rofix Company began a sales promotion campaign on June 30, 2011. Part of this promotion included placing a special coupon in each package of candy bars sold. Customers were able to redeem ten coupons for a Frisbee. Each premium costs Rofix $1.50. Rofix estimated that 60 percent of the coupons issued will be redeemed. For the six months ended December 31, 2011, the following information is available:
What is the estimated liability for premium claims outstanding at December 31, 2011?
Definitions:
Social Phobia
also known as social anxiety disorder, is the intense fear of being judged or negatively evaluated by others in social situations.
Agoraphobia
An anxiety disorder characterized by an intense fear of being in places or situations where escape might be difficult or help might not be available.
Specific Phobia
An intense, irrational fear of, or aversion to, a particular object, situation, or activity that poses little to no actual danger.
Social Phobia
A chronic mental health condition also known as social anxiety disorder, where social interactions cause irrational anxiety.
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